Reg Reform: Concession Time's Only Just Begun

House leaders were forced to significantly weaken regulatory reform legislation to get it passed last week, and the Senate is likely to water it down further.

Analysts had long said that the strongest possible version of reform was likely to emerge in the House. But Financial Services Chairman Barney Frank, D-Mass., had to make a series of concessions — including amendments that carved out whole industries from oversight by a new consumer protection agency.